New company registrations to see first annual drop since 2014

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New Cyprus company registrations recorded a 19.5% annual drop in November and the decrease was 13.3% for the first 11 months of 2019, data released by the Registrar of Companies and Official Receiver show.

On the basis of applications submitted for the registration of new companies it is likely that 2019 will be the first year to record a drop in applications on an annual basis, following a continuous upward trend since 2014.

According to data, the number of applications for the registration of new companies in Cyprus reached 1,054 in November compared to 1,309 in the same month last year.

During the first 11 months of 2019 applications for the registration of new companies reached 11,700 from 13,505 in the same period of 2018.

Compared to October 2019, the number of applications dipped 0.5% in November.

The number of applications for company names in November fell by 14.5% to 2,558 compared to 3,005 in 2018.

Total registered companies by the end of November this year reached 224,438 compared to 216,239 in 2018.  New company registrations during the first 11 reached 11,529.

For the first eleven months of the year, the total number of companies declaring bankruptcy was 58, compared to 97 for the whole of 2018.